Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end. To calculate : The petty cash transaction need to be verified to clarifies the accounts at the month end. This helps company to rectify the errors in accounts which leads to increase in the net income of the company

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Answer 1

Question

Chapter 6, Problem 2PSB

1.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To calculate:The petty cash transaction need to be verified to clarifies the accounts at the month end. This helps company to rectify the errors in accounts which leads to increase in the net income of the company

2.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To explain: The affect on company’s financial statement if the petty cash is not replenished and no entry is made on January 31.

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Answer 2

Question

Chapter 6, Problem 2PSB

1.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To calculate:The petty cash transaction need to be verified to clarifies the accounts at the month end. This helps company to rectify the errors in accounts which leads to increase in the net income of the company

2.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To explain: The affect on company’s financial statement if the petty cash is not replenished and no entry is made on January 31.

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Answer 3

Question

Chapter 6, Problem 2PSB

1.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To calculate:The petty cash transaction need to be verified to clarifies the accounts at the month end. This helps company to rectify the errors in accounts which leads to increase in the net income of the company

2.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To explain: The affect on company’s financial statement if the petty cash is not replenished and no entry is made on January 31.

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Answer 4

Question

Chapter 6, Problem 2PSB

1.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To calculate:The petty cash transaction need to be verified to clarifies the accounts at the month end. This helps company to rectify the errors in accounts which leads to increase in the net income of the company

2.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To explain: The affect on company’s financial statement if the petty cash is not replenished and no entry is made on January 31.

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Answer 5

Chapter 6, Problem 2PSB

1.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To calculate:The petty cash transaction need to be verified to clarifies the accounts at the month end. This helps company to rectify the errors in accounts which leads to increase in the net income of the company

2.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To explain: The affect on company’s financial statement if the petty cash is not replenished and no entry is made on January 31.

Answer 6

Chapter 6, Problem 2PSB

1.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To calculate:The petty cash transaction need to be verified to clarifies the accounts at the month end. This helps company to rectify the errors in accounts which leads to increase in the net income of the company

Answer 7

Chapter 6, Problem 2PSB

1.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To calculate:The petty cash transaction need to be verified to clarifies the accounts at the month end. This helps company to rectify the errors in accounts which leads to increase in the net income of the company

Answer 8

2.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To explain: The affect on company’s financial statement if the petty cash is not replenished and no entry is made on January 31.

Answer 9

2.

Summary Introduction

Introduction: Petty cash of the company which are prepared in company’s accounts.Petty cash fund refers to the small portion of the cash fund used or to manage small expenses where payment cannot be made by cheques all the time. The petty cash transaction need to be verified to clarifies the accounts at the month end.

To explain: The affect on company’s financial statement if the petty cash is not replenished and no entry is made on January 31.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 6 - List the seven braod principles of internal...Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ Ch. 6 - Prob. 7DQ Ch. 6 - Prob. 8DQ Ch. 6 - Prob. 9DQ Ch. 6 - Prob. 10DQ

Solution Summary: The author explains that petty cash is used to manage small expenses where payment cannot be made by cheques all the time.

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